Average Rent in Scottsdale & Rent Prices by Neighborhood
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The average sold price per square foot in Scottsdale has now increased or remained the same in 24 out of the last 29 months. Homes in Scottsdale receive 1 offers on average and sell in around 54 days. The average sale price of a home in Scottsdale was $840K last month, up 18.3% since last year. The average sale price per square foot in Scottsdale is $390, up 10.3% since last year. Its stabilized real estate market won’t offer skyrocketing property valuations or equally shocking rental rates, but that makes it a good choice for investors seeking solid, steady returns.
We saw about 8.0% increased in the number of single family homes sold in 2020 compared to a year ago. The statistics show that we had 5,871 single family homes sold in 2020 in Scottsdale AZ compared to 5,438 in 2019. The cost of living index for housing estimates the cost of housing in Scottsdale to be 84.5% of the national average. Housing is generally the biggest monthly cost that you would need to account for.
Scottsdale Housing Market
The Scottsdale real estate investment options include the short-term rental market. The city requires short-term and vacation rentals to be registered with the county. Landlords must pay the transaction privilege sales tax and transient tax. However, that’s simply the city saying you can rent out these units if you pay the same taxes that hotels do.
The city is roughly a twenty-minute drive to the famous Phoenix Sky Harbor International Airport. It retains its suburban feel despite heavy development and tourist attractions. Swee Ng, Realtor specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest.
Days to close
Some of them buy a one or two-bedroom home to live in for half the year. While many live in Sun City and other age-restricted communities, others choose to rent elsewhere in the Scottsdale real estate market. Construction can’t keep up with demand, so the median home price is more than 700,000 dollars. The average rent is around 1,900 dollars a month (a 22% increase compared to the previous year), though you’ll get much more for a single-family home rented out in the Scottsdale housing market. Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded, as are properties with mortgages whose principal amount exceeds the conforming loan limit.
Prescott Valley was the most popular destination among Scottsdale homebuyers followed by Show Low and Flagstaff. Find out the number of homebuyers searching to move in and out of Scottsdale, plus the top relocation destinations.
Phoenix Housing Market Trends
This trend is likely to continue for the foreseeable future unless inventory grows faster than demand or rising interest rates completely dampens the demand to that extent. The Scottsdale real estate market is certain to experience appreciation for the same reason the local quality of life is so good – it is nearly surrounded by parks. Homes with views and access to the national parks command a premium. This means the newest development will require redevelopment, increasing the cost of such properties and the value of existing housing stock.
The average homes sell for about 4% below list price and go pending in around 46 days. The average homes sell for about 2% below list price and go pending in around 52 days. In November 2022, Phoenix home prices were down 0.0012% compared to last year, selling for a median price of $410K. On average, homes in Phoenix sell after 56 days on the market compared to 30 days last year. There were 1,228 homes sold in November this year, down from 2,235 last year. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
Most Popular Apartments in Scottsdale
However, affordability in the Scottsdale real estate market is relative. The median wage is 73,000 but the median home price is approaching 400,000 dollars a year. This means many cannot afford to own a home though they may want to. You can rent out both the main house and accessory dwelling unit on the same property. And state law doesn’t give cities the ability to apply new regulations that essentially ban short-term rentals.
Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Scottsdale differ in their investment potential, sometimes by a great deal. Appreciation rates are so strong in Scottsdale that despite a nationwide downturn in the housing market, Scottsdale real estate has continued to appreciate in value faster than most communities. Based on the last twelve months, short-term real estate investors have found good fortune in Scottsdale.
Owner-occupied housing accounts for 66.07% of Scottsdale's homes, and 51.10% have either three or four bedrooms, which is average sized relative to America. According to the most recent data on the cost of living, Scottsdale has an overall cost of living index of 128 which is 1.3x higher than the national index of 100. The minimum salary you need to live in Scottsdale is the sum of your daily expenses , your monthly housing-related costs , any debt expenses , as well as your savings and investment goals.
Flood risk in Scottsdale is increasing slower than the national average. According to Realtor.com, the median asking price of homes in Scottsdale, Arizona was $900K in April 2022, an increase of 20 percent year over year. Can sell for about 7% above the list price and go pending in around7 days. Percentages are based on the number of housing units for each type over the total number of units across all types. Median home value is the value which has equal numbers of homes valued above and below it. The median home value is more stable than the average home value, which can be greatly affected by a few very high or very low home values.
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